Through the Section 8 Project-Based Housing Program, private rental property owners enter into a Housing Assistance Payment (HAP) contract with the U.S. Department of Housing and Urban Development (HUD).
Under the contract, HUD provides the property owner with a subsidy to cover the difference between HUD-approved rents and the amount the tenant is required to pay each month. And, in-turn, the housing provider commits to maintaining the affordable rents to low-income families for the duration of their contract.
That’s where the Iowa Finance Authority (IFA) comes in. IFA provides administrative services to HUD. IFA monitors all Section 8 Project-Based contracted properties to ensure they are providing decent, safe, and sanitary affordable housing for eligible Iowans.